South Korea Trade Surplus Widens 52% YoY In June


South Korea's trade surplus increased sharply to USD 11.40 billion in June of 2017 from USD 7.51 billion in the same month a year earlier, mainly supported by double-digit growth of exports, preliminary data showed.

Year-on-year, sales rose 13.7 percent from a year earlier to USD 51.41 billion, compared to a marginally revised 13.3 percent rise in the prior month. It was the  sixth straight month of double-digit rise in outbound shipments, the longest stretch of increase at such pace since 2011. Of the country's 13 major exports items, 10 items surged, including semi-conductors (52.0 percent), shipbuilding (43.2 percent) and petrochemical products (15.6 percent).

Exports to China rose 5.1 percent, slower than a 7.5 percent in a month earlier. Meantime, outbound shipments to the EU countries went up 21.1 percent (from 21.9 percent in May). In contrast, sales to the US fell by 1.1 percent, following a 1.9 percent drop in the prior month.

Imports jumped 18.0 percent to USD 40.01 billion, following an upwardly revised 19.1 percent gain in a month earlier. It was the eighth straight month of increase in inbound shipments and the longest stretch of growth since September 2014.

In May 2017, trade surplus was downwardly revised to USD 5.68 billion.

For 2017, exports are expected to increase 2.9 percent, supported by improving global demand, while imports are projected to grow by 7.2 percent.

The trade balance has been in consistent surpluses since February 2012.

Rida Husna | rida@tradingeconomics.com
7/1/2017 2:22:08 AM